Hawaiian Electric Industries vs Otter Tail
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The short version
- Hawaiian Electric Industries is the larger business, with $3.1B of revenue in fiscal 2025 against $1.3B for Otter Tail, about 2.4 times as much.
- Otter Tail grew revenue faster (−2.3%, against −4.1%).
- Otter Tail kept more of each dollar of sales as operating profit (26.6% operating margin, against 7.6%).
- Otter Tail turned more of its sales into free cash flow (7.5% FCF margin, against 1.6%).
- Otter Tail earned a higher return on the capital invested in it (12.3%, against 5.2%).
- Investors pay more for each dollar of Otter Tail’s earnings: a P/E of 19.5x against 6.5x for Hawaiian Electric Industries.
| Latest fiscal year | HE · FY25 | OTTR · FY25 |
|---|---|---|
| Size | ||
| Market cap | $1.5B | $3.8B |
| Revenue | $3.1B | $1.3B |
| Free cash flow | $49.9M | $97.9M |
| Net income | $126M | $276M |
| Growth | ||
| Revenue growth | −4.1% | −2.3% |
| 5-year growth | 3.7% | 8.0% |
| Share count change | 36.3% | 0.1% |
| Profitability | ||
| Gross margin | — | — |
| Operating margin | 7.6% | 26.6% |
| Net margin | 4.1% | 21.2% |
| FCF margin | 1.6% | 7.5% |
| Return on capital | 5.2% | 12.3% |
| Return on equity | 8.2% | 15.6% |
| Balance sheet | ||
| Net debt | $1.8B | $583M |
| Net debt / EBITDA | 3.3x | 1.3x |
| Dividends and buybacks | $0.0M | $88.1M |
| Valuation & quality | ||
| P/E | 6.5x | 19.5x |
| Piotroski F-score | 5 | 5 |
Revenue
FY16
HE $2.4B
OTTR $804M
FY17
HE $2.6B
OTTR $849M
FY18
HE $2.9B
OTTR $916M
FY19
HE $2.9B
OTTR $920M
FY20
HE $2.6B
OTTR $883M
FY21
HE $2.9B
OTTR $1.2B
FY22
HE $3.4B
OTTR $1.5B
FY23
HE $3.3B
OTTR $1.4B
FY24
HE $3.2B
OTTR $1.3B
FY25
HE $3.1B
OTTR $1.3B
HE
OTTR
Operating margin
FY16
HE 15.0%
OTTR 14.5%
FY17
HE 13.6%
OTTR 15.6%
FY18
HE 11.7%
OTTR 14.1%
FY19
HE 12.1%
OTTR 14.7%
FY20
HE 12.1%
OTTR 16.7%
FY21
HE 13.5%
OTTR 20.9%
FY22
HE 8.2%
OTTR 26.6%
FY23
HE 8.4%
OTTR 27.9%
FY24
HE −53.0%
OTTR 28.6%
FY25
HE 7.6%
OTTR 26.6%
HE
OTTR
Free cash flow
FY16
HE $166M
OTTR $2.1M
FY17
HE −$74.8M
OTTR $40.7M
FY18
HE −$38.1M
OTTR $38.0M
FY19
HE $55.0M
OTTR −$22.3M
FY20
HE $45.5M
OTTR −$160M
FY21
HE $61.2M
OTTR $59.4M
FY22
HE $115M
OTTR $218M
FY23
HE $109M
OTTR $117M
FY24
HE $143M
OTTR $94.1M
FY25
HE $49.9M
OTTR $97.9M
HE
OTTR
Return on capital
FY16
HE —
OTTR —
FY17
HE 5.9%
OTTR 7.6%
FY18
HE 7.0%
OTTR 8.4%
FY19
HE 6.9%
OTTR 8.0%
FY20
HE 6.1%
OTTR 7.7%
FY21
HE 7.1%
OTTR 11.6%
FY22
HE 4.9%
OTTR 16.4%
FY23
HE 4.4%
OTTR 15.1%
FY24
HE −30.9%
OTTR 13.9%
FY25
HE 5.2%
OTTR 12.3%
HE
OTTR
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.